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While Australia hasn’t gone full tilt like El Salvador, where Bitcoin is legal tender, an increasing number of merchants are enabling customers to pay with Bitcoin, Ethereum, and other leading cryptos.
Yet when it comes to big ticket items, like Porsches or other luxury cars, Aussies have been forced to pay with good old fashioned fiat currency.
How to buy your Porsche with Bitcoin
Whether your crypto wallet is virtually overflowing with Bitcoin, Ethereum or any of 30 some other cryptos, you can now swap those tokens for a luxury car at Melbourne-based Dutton Garage.
Yesterday, cryptocurrency exchange CoinSpot announced it was partnering with the luxury car retailer to enable Dutton Garage customers to buy vehicles with a wide range of cryptos.
You can choose to pay for your entire Porsche 911 with Bitcoin, or pay part in Aussie dollars and the rest in the cryptos of your choice.
Commenting on the move, CoinSpot chief product officer Gary Howells said:
As Australians continue to look for more ways to find value in their crypto investments, CoinSpot’s partnership with Dutton Garage symbolises our commitment to expanding the utility of crypto…
Increasing crypto’s utility is the key to driving mass adoption of what we believe is the future of finance. This partnership is only the beginning of CoinSpot’s ability to facilitate transactions within the luxury goods market.
Addressing the company’s acceptance of Bitcoin, Dutton Group chief technology officer Juv Jayaram added, “Working with CoinSpot has enabled our customers to access their crypto investments and transact with us in a seamless and transparent manner.”
How have the two top cryptos performed this year?
While inflation may be nibbling away at your cash holdings, the Aussie dollar has held up better than Bitcoin and Ethereum this year.
Bitcoin, the world’s biggest token by market cap, is down 8% since 1 January while the Ethereum price has lost 13%.
Of course, once you drive your brand new, crypto purchased Porsche off the lot, it’s likely to lose value too. At least initially.